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news
HEADLINES
NAB SELLS TRUSTEE BUSINESS TO IOOF
IOOF Holdings Limited has announced it has reached an
agreement with National Australia Bank Limited to acquire
National Australia Trustees Limited (NATL). The acquisition
of NATL means IOOF will become one of Australia’s largest
compensation trust providers.
Both reported that the sale will lead to improved
outcomes for the combined customers due to greater scale
and more specialist product offerings.
The transaction is subject to regulatory approval, and the
sale is expected to be finalised in the next few months.
During this period, NATL will be working closely with
IOOF to ensure the successful transition of staff, systems
and customers.
BABY BOOMERS BEHIND ON RETIREMENT
PLANNING
Latest insight from Natixis Global Asset Management
on individual investors across the globe shows
that despite 78 per cent of investors believing the
responsibility to fund retirement will be solely their
own, almost half believe they will be able to rely on a
family inheritance for long-term support. A further
40 per cent are anticipating contributions from
children will play a significant role.
The majority of investors revealed they are saving
an average of 12.1 per cent of their annual income
for later life, and most believe they will only need
to replace 64 per cent of their current income in
retirement.
Millennials (65 per cent) and Generation X (69 per
cent) investors have already calculated what will be
required to live a comfortable retirement, though there
is an obvious demographic split – 30 per cent of Baby
Boomers are still in the dark on this along with 27 per
cent of those that are already retired.
The report findings reinforce the value of financial
advice, particularly in retirement, as 69 per cent of
millennials believe the need for an adviser extends well
into retirement. In contrast, 45 per cent of retirees
don’t believe they need advice at all.
YOUR NEWS, YOUR VIEWS
Do you have something to say about one of our stories or
a superannuation issue? Let us know so we can include you
or your comments in the next issue.
Email superfunds@superannuation.asn.au
Superfunds July 2017